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Price Signal Summary - GBPUSD Trend Needle Points North

OUTLOOK
  • In FX, EURUSD remains in consolidation mode but trades closer to its recent lows. The pair is trading above the trendline - at 1.0900 - drawn off the Nov 1 low. MA studies are in a bull mode position, highlighting an uptrend and recent weakness is likely part of a correction. Furthermore, a recent golden cross in the DMA space (50- rising above the 200-dma), is a bullish signal. Support to watch is 1.0877, Friday’s low. The bull trigger is 1.1139, Dec 28 high.
  • GBPUSD is unchanged. The trend outlook remains bullish and the pair is trading closer to its recent gains. Attention is on resistance at 1.2827, the Dec 28 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. Initial firm support lies at 1.2611, Jan 2 low. The 50-day EMA lies just below at 1.2592. Clearance of this support zone would highlight a short-term top.
  • USDJPY is firmer but continues to trade below last Friday’s high and below the 50-day EMA - at 145.25. Trend signals remain bearish and the recent impulsive rally appears to be a correction. A resumption of weakness would refocus attention on 140.25, the Dec 28 low. On the upside, resistance to watch is 145.97, the Jan 5 high. A break of this level would be a bullish development.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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